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Saab on brink of closing after GM rejects rescue plan

Saab Automobile filed for bankruptcy on Monday and is on the brink of shutting for good after former owner General Motors rejected a rescue plan. The move sets the scene for the end of Saab's struggle to survive after months of hastily drawn-up deals for a company that hasn't made a vehicle in months. The latest plan involved Chinese automaker Zhejiang Youngman Lotus Automobile, but this was vetoed by GM, still a key Saab supplier, over the weekend "After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded," Saab's Dutch owner, Swedish Automobile, said in a statement.

Design Contest: Renault UK launches Twizy student design competition

We all know how expensive higher education is, so the chance to win up to £9,000 towards UK tuition fees in return for submitting graphic designs for the Renault Twizy sounds very appealing. All you have to do is visit designatwizy.co.uk to download a layout of the front, side and rear and submit as many entries as you like. The closing date is 20 February, when a panel including Senior Vice President, Corporate Design, Laurens van den Acker will choose a top 10 to enter a public vote.

U.S. sales rise 9 percent in July

U.S. demand for light vehicles continued to defy mostly weak economic indicators by rising 9 percent in July. Big sales gains at Japan's and Europe's top automakers--Toyota, Honda, Nissan and Volkswagen--offset declines at Ford Motor Co.